ICOs hard to figure out? WINGS DAO does the heavy lifting

For many projects, people often ask: “Well why is this coin useful?”, “Will the dev team finish?”, “Is the team good?”, “Is the technology sound?”, “Who is the escrow?”, “How much does the project need realistically?”, “How will funds be managed?”, “Who is responsible?”, “How do stakeholders get a say?”, and so on.

These questions, and others, are by far the biggest issues that WINGS addresses. We also believe they need to be addressed to unlock the next wave of adoption that gets the ecosystem to the Early Adopter phase or 10% of the population — in exchange for this service the WING DAO takes a fee from funds raised and managed which is converted to a reward for WINGS DAO forecasters (token holders of WINGS).

Today, Zenel Batagelj from Iconomi published ICO 2.0 — what is the ideal ICO? They a long with many others who are interested in crytpo have a problem. How to fund projects worth their time and money. WINGS addresses this problem directly and because of this provides a new standard using crypto-based DAO and forecasts markets technologies to solve the problem. Further, WINGS as a token is as a modifier to a forecaster’s rewards when they evaluate a potential project along with the forecaster’s reputation and accuracy.

What’s the problem?

According to Iconomi, these are key issues that the ecosystem and projects must address:

source: Iconomi Blog

At WINGS we agree, which is why we’ve been steadily working on WINGS for the last 9 months.

First, WINGS DAO uses the wisdom of the crowd through incentivized forecast markets to do many of these checks (1,2,3,4). The team has personally been in touch with Venture Capitalists around the world who are keen to use the system. Second, we’ve spent 6+ months to assemble legal advisors and who are focused on legal frameworks (6). And third, WINGS provides a platform for running project funding after the valuation period through RSK which operated via a Bitcoin DriveChain and their Ethereum-derived smart contracts engine to provide the governance layer for issues such as min-max funds, transparency, possibility of non-human escrow, DAO controlled funds releases, as well as many other features including vesting scheduled for token holder.

Who really pay the WINGS platform fee?

The answer is, as usual with all things in the field of economics, it depends.

It depends on if one is a project initiator or a project backer. It may seem as if the project initiator is paying this, however the reality is not so clear.

WINGS DAO allows project initiators to choose how much of the fee is paid in currencies from which the project is funded (i.e., ETH and BTC) or the project’s very own token. In the case of the latter it would appear that the project initiators are diluting themselves and the project backers. In the former it would appear that project backers, knowing of the fee, are essentially paying it to answer the the questions outlined above.

The project backers: dealing with noise

Up until now many crypto projects have come and gone, and have been able to raise tidy sums of crypto-money with in some cases with the most poorly written white papers that even an intern at {insert some gov’t backed lending institution pre-2008} would have second thoughts about funding (see referenced Iconomi article).

That’s all good for a small group of crypto-geeks like us, but it’s not good for everyone else who doesn’t really have time to spend hours in telegram groups and bitcointalk to ferret out potential scam coins. A lot of people are fascinated by the potential of the innovation wave Bitcoin created, but there isn’t some fancy 100 year old analyst firm to tell them which new coin is hot and which is not.

WINGS: swarm intelligence based noise reduction signaling technology

Backers don’t need to be forecasters, but they can look at the reputation of forecasters (all info is on the blockchain) and base decisions on swarm intelligence knowing that the forecaster group makes their living by identifying spam projects, scam projects and possible unicorns. How much is lowering your risk of burning money and bringing it to a worthwhile cause worth? 1%? 10%? More?

Project Governance

As if that was not enough, project backers know that projects that commit to using WINGS ensure that funds are secured via WINGS governance models which the project initiator can pick (choose). If funds are to be released in a series of 3 milestone payments, the backers know that members of WINGS DAO that made forecasts on those milestones will resolve them.

How many times have people backed projects to see the money squandered? If a project group fails to unlock a milestone after some time the project DAO backers can ask WINGS DAO members to resolve the milestone as “no” for that group and look to replace them.

Project valuation and checks

A lot of time we have no clue how much a project will garner in financial support. Most people were shocked when The DAO collected in excess of $150 million. Did some of them think that amount unmanageable? Did some of them wish they hadn’t participated (way prior to the hack) when it was unfeasible to reach even a simple decision? What if their was a forecast stating that The DAO would raise a significant amount, how would have it changed the dynamic? What about a forecast about TheDAO technology?

On the other hand imagine a project like MaidSafe, it raised a record amount at the time, but recently needed to go to bnktothefuture.com for more, which was gladly given. Perhaps the project could have taken in more funds if there was not such a low cap placed on it in 2014 with milestone based escrow releases of funds. But how were the founder and backers of MaidSafe to know that they could take in more money and needed more? Perhaps a forecast with seasoned WINGS DAO forecastors who get rewarded for evaluating and sizing projects could have helped.

There’s a lot more to WINGS but overall we’re aimed at providing a secure, safe, data-driven environment for deciding which projects to avoid and which projects to back. We believe this will have value for the people who come after the very early cryptocurrency adopters.

The project initiators

Typically, and there is no guarantee that this will change easily, discrete crypto projects get a one shot deal on funding. That is unlike the start up VC world where companies may go to raise a Series M (or as that a Round N). So it is very important for the project team to get market feedback on what the project is valued and what the market thinks the project can garner in financial support.

Project marketing and leveraging the crowd

Currently project leads need to spend excessive time on what one may call “pumping” a project and going around to gathering commitments from whales; this still happens if one is using something like a Kickstarter. But with WINGS the marketing work can be distributed out.

A project that is forecasted to be successful will get the support of all of the WINGS DAO members whose interest is for it to succeed. WINGS provides a bounty management DApp for projects to use to organize an international army of supporters from bitcointalk signature supporters to writers, designers and developers.

So is it worth the trouble?

Time will tell. So far several potential DAOs have found WINGS useful.

We’re forecasting the people who are too busy to conduct due diligence on projects, have an interest in crypto projects, and have other social commitments besides hanging out in the Poloniex.com trollbox and on bitcointalk.org might find WINGS useful as well. In fact, we’ve done the customer research to know this.

We’re forecasting that some forward thinking VCs who spend all day evaluating teams will find WINGS useful not just as a signaling platform but also as a way to build up their reputation while profiting from their insights and expertise.

We believe these are all compelling needs for this type of platform to get blockchains, DAOs, and smart contracts into the hands of the next 10%.

WINGS is here to help people suss out information in a global and very chaotic (not a bad thing) market of ideas, provide decentralized escrow of funds, give projects a much needed governance layer, and ease the path to participation for the next adoption wave.

Participate in the WINGS backing campaign

A kind reminder that the WINGS campaign is now live and reaching nearly 1500 BTC of support. Join the community of over 1000+ who will be new WINGS DAO members in 2017! Https://fly.wings.ai